Los Angeles daily herald., 1887-08-28

lnE l6tttttt oho Ahot'ty 'ssSS'S
of New York gives the following
lessons in monetary history;
The mono-metallist of every possible
type in the United States habitually
bases his demand for the summary
stoppage of our silver coinage upon
the proposition that, otherwise, such
coinage must inevitably lead to the
early material expatriation of the gold
now coined in the country, and this
idea was revived by Mr.. Manning IN
his last official report, with the air OF
a cathedral doetrinaire. That this
must be the early effect of the
continued monthly output from
our mints of from $500, 900 to
3, ZOO, 900 standard dollars, Mr.. Man.
ming, affecting to be a bi-metallist,
and the most extreme mono
metallist. alike, agree in the
supposition that their proposition has
been incontestably demonstrated by
monetary history-whereas, in truth
it flies in the face of that history; for
out of an aggregate gold coinage of all
the States of the commercial world,
for the eleven years ended with the
3lst December, 1885, amounting to
about 81, 200, 900, 900, fully 81 per cent.
was OF gold acquired and coined by
the countries in which silver was and
continues to be full legal tender
with gold, leaving less
than 10 per cent, to the strictly mono
m etallic countries such as England.
Moreover, since 1874, that is since
the beginning of the depreciation in
silver below the ratio OF 151s to l,
France has acquired by importation of
gold in excess of expectation, during
the thirteen years ending with 1885,
no less than $34O, 7S9, ,951, and even
during the year 1856 has acquired no
less than $4,000, 900 gold in the same
way-notwithstanding that the bal
ance of trade was very large against
France, not only for the same year,
but for the entire period.
Now, France, be it remembered, be-
ween 1871 and 1874, paid a ransom to
Germany of more than thousand
million of dollars, of which sum
$267 ,OO0, 900 were paid outright in gold
and the remainder by bills of ex-
change on Berlin, Amsterdam, Frank
fort, Hamburg and London that were
equivalent to gold. And yet, it is not
denied that the present gold cir
culation of France does not fall
below $3.50, 900, 900, which is at least
$22.5 per head of the French people;
and this is coupled with at least $780,
900, 900 of full tender silver five-franc
pieces, or $l4 per head. But, while
such is and has been the monetary
stu alton of France, under her none
tary system of concurrent legal
tender use of silver and gold at val
uation to silver, which if given to our
standard dollar would make it worth
103.07 cents, how has it been in the
realm across the channel; that is,
with Great Britain under her mono
metallic system of gold? Her imports
of gold have not exceeded her ex-
ports for the same thirteen years,
ended with 1885 more than $105, ,0OO,-
600, while, during the last ten years,
she lost as much gold as s4,540, 900.
Here in the United States, also,
since the coinage law of February 2S,
1873 went into effect, we have inn
ported gold in excess of exports to the
amount OF $166, ,425 $50.
In fact, nothing could be falser than
than this fundamental idea of Mr..
Manning; for during the decade of
greatest depreciation in the price of
silver bullion in London, it is the sill
ver-using countries that have been at
tracing and absorbing the chief part
OF the gold which has moved commerce.
allv from State to State. Even British
India has imported at least $120, ,000,-
900 of gold in excess OF the amount
during the last ten years.